Financial Reporting with Power BI and Excel
Power BI and Excel are tools that can deliver insights throughout your business. With both tools, you can retrieve data from several data sources, shape the data to fit your specific needs, implement ad hoc analytics, and produce the results through various types of visualizations. Unlike Excel, Power BI significantly makes the entire BI process simpler, making it conceivable for business owners and financial decision-makers to be in charge of their own reporting needs.
5 Reasons why you should consider Power BI
How does this compare to Excel? Almost everyone is familiar with Excel by now. Excel has functioned as a traditional data source platform with sufficient functionality to get the work done. However, in this era, businesses are becoming more dependent on intelligent analytics, data interaction, and realtime reporting. Below are 5 Reasons why you should consider Power BI.
1. Integrates with multiple cloud services
Power BI integrates with Microsoft Technologies such as Excel files, SharePoint docs, and SQL databases, but is not limited to these systems. Since it’s a cloud-based service, it can consolidate and extract data from all other sources. Power BI also makes the reports available from anywhere and at any time.
2. Combines the data into a centralized dashboard
Analyzing information from multiple sources is quicker and easier, as you can view them all in one dashboard. Power BI assists you to stay on top of all insights and makes it easy to draw comparisons, apply analytics, or chart and visualize reports.
3. Access and analyze a large amount of data without any issues
Power BI uses powerful compression algorithms to import and store the data, allowing you to view, analyze, and visualize enormous quantities of data that cannot be opened and viewed in Excel.
4. Spot data trends quickly and easily
Analyzing trends with Power BI is extremely easy. With built-in time intelligence features, it only takes a few seconds to view vast amounts of data. Data manipulation is much more difficult within Power BI, making the reports much more reliable.
5. Scheduled Data Refresh
In Power BI, you can schedule your data refresh to be daily or even hourly. Benefit from faster and more reliable data refresh that also lessens resource consumption. No more waiting for daily reports.
The growing usage of Power BI to report set up a significant turning point for accounting and finance professionals. The challenge for the latter consists of using the accounting data to draw meaningful insights. In this immerging era of Big Data, processing large volumes of data has become more mainstream. Power BI is assisting to strengthen this trend.